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Company Accounts

20 Questions  I  By Sweetsalman123
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1.  A company can issue redeemable preference shares  
A.
B.
C.
D.
2.  DBM Ltd issued 7,000, 5% debentures of Rs.100 each at a discount of 6%, redeemable at a premium of 5% after 5 years payable as Rs.50 on application and Rs.44 on allotment. Total amount of discount/loss on issuec Of debenture will be  
A.
B.
C.
D.
3.  F Ltd.purchased Machinery from G Company for a book value of Rs.4,00,000.The consideration was paid bi issue of 10 % debentures of Rs.100 each at a discount of 20 % .The debenture account was credited with
A.
B.
C.
D.
4.  Z Ltd. purchased plant and machinery for Rs. 2,00,000 payable as Rs.65,000 in cash and the balance by an issue of 6% debentures of Rs. 1000 each at a discount of 10%. Discount on issue of debentures will be  
A.
B.
C.
D.
5.  (i) 1,00,000 Equity shares of 10 each fully called up. (ii)  Calls in arrears Rs. 10,000 (iii)  Calls in advance Rs. 5,000 (iv)   Proposed dividend 15% Dividend payable will be  
A.
B.
C.
D.
6.  A Ltd. makes an issue of 10,000 Equity shares of Rs. 100 each payable as follows: On application and al lotment  Rs. 50   On First Call                                 Rs. 25 On Second & Fi nal Ca II           Rs. 25 Members holding 400 shares did not pay the second call and the shares are duly forfeited, 300 of which are reissued on fully paid at Rs. 80 per share. Amount transferred to Capital reserve will be_________.  
A.
B.
C.
D.
7.  Mr. Rajiv was the holder of 200 shares of Rs.10 each in RPG Ltd. upon which Rs.5 per share had been called up but he had paid only Rs.2.5 per share thereon. The company forfeited his shares and afterwards sold them to Satbir, credited as Rs.5 per share paid for Rs.900. The amount to be transferred to capital reserve is:  
A.
B.
C.
D.
8.  Interest Rs. 3,000 received on debenture redemption fund investment will be:    
A.
B.
C.
D.
9.  As per the Companies Act, "Interest accrued and due on debentures" should be shown  
A.
B.
C.
D.
10.  Wright Ltd. Issued 40000, 8% debentures of Rs.10 each at par which are redeemable after 8 years atapremium of 20%. The amount of loss on redemption of debentures to be written off every year will be 
A.
B.
C.
D.
11.  Prakash Ltd. issued 15,000,15% debentures of Rs.100 each at a premium of 10%, which are redeemable after 10 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year is  
A.
B.
C.
D.
12.  The paid up capital of the company consisted of 3000 6% preference shares of Rs. 100 each and 40,000 equity shares of Rs. 10 each. Last year's profit is Rs. 31,000; Current Year's profit Rs. 52,000; The following appropriations were passed at the annual general meeting of the company (i)   To pay the years dividend on preference shares. (ii)  To pay final dividend on equity shares at 50 paise per share (iii)  To transfer Rs. 5,000 to General reserve. The balance of Profit and Loss appropriation A/c to be transferred to Balance Sheet will be  
A.
B.
C.
D.
13.  Hardcore Computers Ltd. issued to public 15,000 shares of 10 each at apremium of Rs.2. Applications were received for 10,000 shares. The amount  payable was as follows: On application 3 per share On allotment 4 per share (including premium) On first and final call 5 per share All sums were duly received by the company except the following:Mr. Perfect holder of 100 shares did not pay allotment and call money. Mr.a Right holderof 200 shares did not pay call money. The company forfeited all the shares of Mr.Perfect. Share Capital a/c will be debited by   
A.
B.
C.
D.
14.  In the trial balance of joint stock company the following balances are given (i)10% Mortgage debenture                         4,00,000         (payable after 4 years) (ii) Discount allowed on issue of debenture  10,000 Amount of discount written off per year will be  
A.
B.
C.
D.
15.  Preliminary expenses are treated as  
A.
B.
C.
D.
16.  Forfeited shares can be re-issued at discount
A.
B.
C.
D.
17.  Gama Ltd. issued 10,000,10% debentures of Rs.100 each at a discount of 10%. The entire amount is payable on application. Application were received for 12000 debentures. The allotment of debentures was made on 10th October, 2006. The amount which should be credited to the debentures account on 10th October, 2006 will be: 
A.
B.
C.
D.
18.  The following information pertains to Suraj Ltd. Equtiy share capital called up           Rs.5,00,000 Calls in arrears                                    Rs.40,000 Calls in advance                                  Rs.25,000 Proposed dividend                                   15% Amount of dividend payable is 
A.
B.
C.
D.
19.  There must be a gap of atleast__________ month between two calls.  
A.
B.
C.
D.
20.  A company cannot issue redeemable preference shares for a period exceeding
A.
B.
C.
D.
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